Common use of Allocation of Payments; Advances Clause in Contracts

Allocation of Payments; Advances. (a) All payments and other amounts received on account of any of the Loans or Underlying Collateral on or before the Cut-Off Date shall be retained by and shall belong to the Initial Member. Any and all Loan Proceeds received at any time after the Cut-Off Date shall be allocated and distributed to and shall belong to the Company. (b) The Initial Member shall be paid or reimbursed on the Servicing Transfer Date for Advances that an Existing Servicer pays after the Cut-Off Date through the Closing Date out of its own funds (rather than using Loan Proceeds to pay for the respective expenses for which the Advances are made). In addition, the Initial Member shall be paid or reimbursed on the Servicing Transfer Date for Servicing Expenses or Pre-Approved Charges that an Existing Servicer pays after the Closing Date through the Servicing Transfer Date out of its own funds (rather than withdrawing such funds from the Collection Account or the Working Capital Reserve or otherwise using Loan Proceeds to pay for the respective Servicing Expenses or Pre- Approved Charges). Any such amounts for Advances paid after the Cut-Off Date through the Closing Date or for Servicing Expenses or Pre-Approved Charges paid after the Closing Date through the Servicing Transfer Date owed to but not reimbursed to the Initial Member on the Servicing Transfer Date for the respective Loan shall be reimbursed by the Company to the Initial Member on demand. (c) The Initial Member shall be responsible for reimbursing each third-party Existing Servicer for any payments made by such third-party Existing Servicer to fund Servicing Expenses or Pre-Approved Charges with respect to a Loan, as well as for any advances of principal or interest with respect to a Loan made by such third-party Existing Servicer. The Initial Member also shall be responsible for paying any fee owing to an Existing Servicer in connection with the termination of any servicing agreement with such Existing Servicer.

Allocation of Payments; Advances. (a) All payments and other amounts received on account of any of the Loans or Underlying Collateral on or before the Cut-Off Date shall be retained by and shall belong to the Initial Member. Any and all Loan Proceeds received at any time after the Cut-Off Date shall be allocated and distributed to and shall belong to the Company. (b) The Initial Member shall be paid or reimbursed on the Servicing Transfer Date for Advances that an Existing Servicer pays after the Cut-Off Date through the Closing Date out of its own funds (rather than using Loan Proceeds to pay for the respective expenses for which the Advances are made). In addition, the Initial Member shall be paid or reimbursed on the Servicing Transfer Date for Servicing Expenses or Pre-Approved Charges that an Existing Servicer pays after the Closing Date through the Servicing Transfer Date out of its own funds (rather than withdrawing such funds from the Collection Account or the Working Capital Reserve or otherwise using Loan Proceeds to pay for the respective Servicing Expenses or Pre- Approved Charges). Any such amounts for Advances paid after the Cut-Off Date through the Closing Date or for Servicing Expenses or Pre-Approved Charges paid after the Closing Date through the Servicing Transfer Date owed to but not reimbursed to the Initial Member on the Servicing Transfer Date for the respective Loan shall be reimbursed by the Company to the Initial Member on demand. (c) The Initial Member shall be responsible for reimbursing each third-party Existing Servicer for any payments made by such third-party Existing Servicer to fund Servicing Expenses or Pre-Approved Charges with respect to a Loan, as well as for any advances of principal or interest with respect to a Loan made by such third-party Existing Servicer. The Initial Member also shall be responsible for paying any fee owing to an Existing Servicer in connection with the termination of any servicing agreement with such Existing Servicer. (d) The Initial Member shall be paid or reimbursed on the Servicing Transfer Date for Servicing Expenses, Pre-Approved Charges and Reimbursable Company Administrative Expenses that an Existing Servicer pays after the Cut-Off Date through the Servicing Transfer Date out of its own funds (rather than withdrawing such funds from the Collection Account or the Liquidity Account or otherwise using Loan Proceeds to pay for the respective Servicing Expenses, Pre-Approved Charges and Reimbursable Company Administrative Expenses). Any such amounts for Servicing Expenses, Pre-Approved Charges and Reimbursable Company Administrative Expenses paid after the Cut-Off Date through the Servicing Transfer Date owed to, but not reimbursed to, the Initial Member on the Servicing Transfer Date for the respective Loan shall be reimbursed by the Company to the Initial Member on demand.

Allocation of Payments; Advances. (a) All payments and other amounts received on account of any of the Mortgage Loans or Underlying Collateral on or before the Cut-Off Date shall be retained by and shall belong to the Initial Member. Any and all Mortgage Loan Proceeds received at any time after the Cut-Off Date shall be allocated and distributed to and shall belong to the Company. (b) The Initial Member shall be paid or reimbursed on the Servicing Transfer Date for Advances that an Existing Servicer pays after the Cut-Off Date through the Closing Date out of its own funds (rather than using Mortgage Loan Proceeds to pay for the respective expenses for which the Advances are made). In addition, the Initial Member shall be paid or reimbursed on the Servicing Transfer Date for Servicing Expenses or Pre-Approved Charges that an Existing Servicer pays after the Closing Date through the Servicing Transfer Date out of its own funds (rather than withdrawing such funds from the Collection Account or the Working Capital Reserve Liquidity Account or otherwise using Mortgage Loan Proceeds to pay for the respective Servicing Expenses or Pre- Pre-Approved Charges). Any such amounts for Advances paid after the Cut-Off Date through the Closing Date or for Servicing Expenses or Pre-Approved Charges paid after the Closing Date through the Servicing Transfer Date owed to but not reimbursed to the Initial Member on the Servicing Transfer Date for the respective Mortgage Loan shall be reimbursed by the Company to the Initial Member on demand. (c) The Initial Member shall be responsible for reimbursing each third-party Existing Servicer for any payments made by such third-party Existing Servicer to fund Servicing Expenses or Pre-Approved Charges with respect to a Mortgage Loan, as well as for any advances of principal or interest with respect to a Mortgage Loan made by such third-party Existing Servicer. The Initial Member also shall be responsible for paying any fee owing to an Existing Servicer in connection with the termination of any servicing agreement with such Existing Servicer.